Are you considering getting a full house inspection? Do you want to find out why a full house inspection before a real estate transaction is a good idea? Then, this post is just for you as it looks at 12 reasons to get a full house inspection before a real estate transaction. There are many good reasons why you should consider getting a full house inspection. Generally, buyers tend to have a full house inspection conducted before proceeding with the real estate transaction. There are a ton of benefits of a full house inspection
What Is Covered In A Full House Inspection?
Home inspectors vary in ability, experience, and thoroughness. However, an experienced inspector such as one from direct inspectors will examine every crucial component of the house and will provide you with a concise report of the findings. A typical inspection lasts about 2-3 hours and it is important that you are present during the inspection to get a firsthand look into the findings of the inspectors. Feel free to ask questions from the inspector. Besides, it makes sense to be present when the inspector uncovers any problems rather than simply relying on snapshots taken. The inspector will note the following.
- Whether the items in the house are in suitable condition and if there is a need to monitor them closely.
- The items that have to be replaced, repaired, and serviced.
- If there is any minor defect, major defect, or safety issue that you should be concerned about.
An excellent inspector would also inform you about which routine maintenance needs to be performed. The insights are very useful, especially as a first-time homebuyer. Moreover, if you have hired an experienced real estate agent, chances are that he or she would preach to you about the importance of conducting a full house inspection as a seller or buyer. To help you decide whether you should get a full house inspection before a real estate transaction, the following reasons should be considered.
- Peace of Mind
One of the main reasons why getting a full house inspection is vital is because of the fact that it gives you peace of mind. A house is the biggest investment that one could possibly make in their lifetime. It is also one of the most expensive investments imaginable. Hence, it is a good idea to conduct a full house inspection before a real estate transaction. It will provide you with peace of mind. A full home inspection aims to ensure that the house you want to buy or are selling is solid and a safe place for one to live. If you do not proceed with a full house inspection, you end up creating unnecessary stress and anxiety which could have been avoided if you had not waived the opportunity to have a full house inspection conducted. Thus, by conducting a home inspection, you would experience an added peace of mine. A full house inspection is one of the biggest hurdles in a real estate transaction. After it has been done, you will get to breathe a sigh of relief.
- Relatively Inexpensive
A great thing about a full house inspection is that it does not cost a ton of money. No matter the size of the house, you would only need to pay in the range of $350-$700 which is not a lot of money considering the benefits of conducting a full house inspection before a real estate transaction. It is a small amount of money which will help you make the right decision.
It does not matter how comfortable you might feel with purchasing a new house, it is always a good idea to conduct a full house inspection. It is common for buyers to experience regret in the future when they decide to waive their right to conduct a full house inspection before the real estate transaction. Since home inspection does not cost a lot of money, it is wise to have one conducted. Many buyers waive their right to a home inspection when the house has multiple offers because the seller is more likely to accept the offer that does not have a home inspection requirement.
- Helps Uncover Safety Issues
A full house inspection provides buyers and sellers with the opportunity to have the house thoroughly investigated before the real estate transaction in order to uncover safety issues. It is common for home inspections to result in some issues being found. It does not matter whether the house is newly built or quite old, some issues are likely to be found. Some issues found might not be such a huge deal, but it is possible for some serious safety issues to be discovered during the home inspection. A few of the commonly found issues include plumbing deficiencies, inoperable windows, worn roofing, and improper electrical wiring. However, the purpose of a full home inspection is not to ensure that each little detail of the house is perfect. But, home inspection helps determine whether the house has any glaring safety issues or not.
- Reveals Possible Insect and Pest Problems
Insect and pest infestation has the potential to destroy a house. The likelihood of a house suffering from an insect or pest problem depends on its location. There are different types of insects and pests that can easily wreak havoc in a house. If not found, wood-boring insects and pests like termites can cause a huge problem. Every year, termites cause as much as five billion dollars worth of damage to real estate properties. Other types of wood-destroying pests include powder post beetles and carpenter ants. Not every home inspection includes an insect and pest inspection. Hence, it is crucial that you choose an inspection company that offers full house inspection that includes insect and pest inspection.
- Detect Structural Issues
Another reason why a full house inspection before a real estate transaction is important is that it helps determine if the house has any structural issues. One of the most vital components of a house is its structure. It can cost new homebuyers thousands of dollars to deal with structural issues. This is why a full house inspection is your best bet as it helps avoid having to incur such a huge expense later onwards. Make sure that the home inspection company you hire employs home inspections that are professional engineers. It will help ensure that the home inspector is able to evaluate the structure of the house. Some of the structural issues that you should be cautious about include cracks in walls and ceilings, out of level door frames, and foundation walls cracking.
- Help Forecast Possible Future Expenses
Purchasing a house is a huge investment. It will easily deplete your bank account balance. This is why you should be able to forecast expenses that are likely to be incurred in the future. Although there is no guarantee for future expenses, it is always best that you have an idea of possible future expenses. You never know when you might need to replace the hot water tank.
The home inspector will inspect the house to determine if the furnace or roof is nearing its life expectancy and whether you need to budget expenses related to a new furnace or roof. A full house inspection before a real estate transaction helps provide you with an idea of future expenses. It allows you to budget accordingly. The home inspection will determine where expenses might arise in the form of upgrades and replacements needed in the future for many of the components like the heating system, plumbing, electrical, air conditioning, roofing, windows, and appliances.
- Help with Price Negotiations
Although price negotiations can be difficult, it is possible to renegotiate the price of the property if any major issues have been found from the inspection. It will allow homebuyers to pay the right amount of money for the house as they would need to spend on renovation expenses. Deficiencies in the house are the perfect basis for a price concession.
- Negotiate Repairs
A full house inspection provides you with information about the repairs needed. Thus, you can rely on the findings to negotiate repairs with the seller. Inspection findings are a great basis for convincing the house seller to play their part and offer a house that does not require any repairs. With a full home inspection, you will have the opportunity to request repairs to be made from the seller.
- Offers an Out
The home inspection phase is one of the toughest during a real estate transaction. It is common for many transactions to not move forward once the full home inspection has been conducted. The main reason behind this is that sellers and buyers are unable to reach an agreement regarding the repairs and price. On the other hand, there are circumstances where buyers do not want to move forward after the findings and can rely on the home inspection as an “out”. It is important that you conduct a home inspection as it provides you with the perfect opportunity to end the discussion.
- Allows Sellers to Price Their House Accurately
The key to getting your house faster is setting the right price. When you conduct a full house inspection, it provides you with an idea about the condition of your home. Thus, you get to choose an accurate price for your house. Generally, it can be tough deciding what to price the house. It requires skill and experience finding the sweet spot where buyers will find your house irresistible. A very high price would keep buyers away and a low price would lead you to miss out on money from the real estate transaction. Hence, the best way to get an idea about how much you should sell your house for is by having a full house inspection conducted. Although it is always better to hire an experienced realtor to help set the price for you, you will be able to set the right price based on the inspection.
- Improves Buyer’s Confidence
As this Bronzeville Chicago real estate company points out, when you present a full house inspection report to a buyer, you make the buyer more confident about purchasing your house. Buyers tend to be skeptical about the condition of a home until they are given a home inspection report. Since purchasing a house is one of the biggest investments in one’s life, it is obvious why a full house inspection report will prove useful.
A full house inspection report eliminates any doubts that the buyer might be having about the condition of your house. Buyer’s confidence plays a huge role in charging a higher price for your house. Thus, when you provide a full house inspection report to the potential buyer, you can expect to make more money from the real estate transaction.
- Allows Real Estate Agents to Do a Better Job
By having a full house inspection conducted, you make the job of your real estate agent a lot easier. Thus, your real estate agent would be able to do a better job. Real estate agents have an easier time finding a potential buyer when the house has been fully inspected by a full house inspection company. Besides, when the real estate agent knows about the actual condition of your home, the agent will be able to do a better job. It allows the agent to price the house more accurately and the agent will be more confident when negotiating the price of the property. Thus, it would help attract more potential buyers to your house which will allow you to sell your house for the best possible price.
Conclusion
More and more people have realized the importance of conducting a full house inspection before a real estate transaction. This has resulted in huge demand for home inspectors. As there are many home inspection companies to choose from, it is crucial that you choose an experienced home inspection company.